Even without Covid-19, India would have missed its intended renewable energy capacity of 175 GW target by over 50 GW, predicts industry body ICRA. The missed execution for FY 2021 due to the pandemic is pegged at 4 GW, ICRA said.
Giving the sector a negative outlook, ICRA’s power and renewables head Girishkumar Kadam said that the rating was based on execution delays for projects that have been bid over the past two years, along with concerns about the delays in payment by the state distribution companies.
An investment of Rs. 2 lakh crore over the next two years is expected in the renewable energy space, with an estimated capacity of 30 to 35 GW to be added. Nearly 8 GW of this will be added in FY 2021, Kadam said.